Dialogue with HTX Partner: Web3 New Trends from the Hong Kong Consensus Conference
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Dialogue with HTX Partner: Web3 New Trends from the Hong Kong Consensus Conference
Observations from the 2025 Hong Kong Consensus Conference, exploring industry development trends.
Navigating Web3 tides with focused insights
The 2025 Hong Kong Consensus conference has concluded, but the journey of exploring the crypto world continues.
Recently, HTX's featured column "Dialogue with HTX Partners" invited crypto KOLs DaDa, Web3 of Chuhaoji, LOYAL Luoyao, AN: Ran, and EnHeng Ehngheng to share their insights from the 2025 Hong Kong Consensus under the theme "Postscript on Hong Kong Consensus: Highlights from Justin Sun’s Onsite Activities!" and discuss industry development trends.
Offline Meetups and Market Adjustment: Is a Bear Market Coming?
DaDa: The market is currently in an adjustment phase. Sentiment has remained weak since before Chinese New Year, and the Meme craze is gradually fading, yet offline events are exceptionally active. This differs from previous pre-bear-market meetup surges—today’s gatherings aim more at discovering new narratives and opportunities. Participants recognize that Meme coins can't dominate indefinitely, and the next "torchbearer" remains unclear, prompting efforts to build consensus through in-person interactions. Web3 will inevitably integrate with traditional financial markets; new directions are brewing, and bull markets often emerge quietly when people lose patience.
Web3 of Chuhaoji: I agree with DaDa—the current market remains bullish. Technically speaking, recent movements have been characterized by sharp declines rather than the typical "long upper wicks" seen in bear markets, indicating the bull run hasn’t ended. This cycle has lasted about three months, driven primarily by Meme coins, and still has room to grow. During the Hong Kong Consensus, tools for Meme trading and public chain narratives attracted attention, and opportunities may also be found in the decentralized exchange (Dex) space.
EnHeng Ehngheng: The crypto market, led by the U.S., shows a pattern of “short-term bearish, long-term bullish,” similar to U.S. equities. Altcoin prospects remain uncertain, but the Meme-driven bull market could continue, albeit with reduced wealth creation effects.
Industry Trends: AI, PayFi, or Something Else?
DaDa: Industry trends are still forming. AI Agents boomed last year but fell into silence due to widespread “shell projects,” though breakthroughs may come with the emergence of DeepSeek. PayFi holds promise but faces resistance competing with fiat systems. I’m particularly bullish on the TON ecosystem, backed by 1 billion monthly active users, which could be key to solving real-world financial problems in Web3.
LOYAL Luoyao: AI combined with Web3 may define future trends. In Web3, AI can enhance blockchain efficiency (e.g., automating smart contract data analysis), offering immense long-term potential. In the short term, I favor PayFi because it’s closer to practical applications and easier to implement. Going forward, the blockchain industry must integrate more closely with traditional finance to attract institutional capital.
EnHeng Ehngheng: The main narrative still revolves around AI. Justin Sun, global advisor at HTX and founder of TRON, mentioned plans to launch an AI product focused on the crypto space—an exciting prospect. I’m positive on PayFi, but its business model struggles to break through.
Web3 of Chuhaoji: I’m optimistic about AI and the future of AI agents, but this trend may not necessarily unfold within Web3. Crypto-based AI projects are far behind mainstream AI developments, and AI requires massive computational power, advanced algorithms, and large datasets—factors conflicting with blockchain’s decentralization principles. I’m more bullish on RWA (Real World Assets), as it’s easier to implement and favored by figures like Trump and traditional institutions such as BlackRock, potentially becoming a highlight of this bull cycle.
Which Emerging Ecosystem Will Stand Out: BearChain, Morph, Story Protocol?
DaDa: BearChain builds on last cycle’s DeFi mechanics—its adaptability to the new crypto cycle is questionable. L2 competition is fierce; Morph needs stronger demand support. Story Protocol focuses on IP rights and has great potential, though implementation challenges are high. Overall, I see the most potential in TON’s ecosystem, followed by L2s, then Story Protocol. The future lies in combining AI with Web3 to form a broader Web3 ecosystem.
Web3 of Chuhaoji: I agree with DaDa. I’m short-term bullish on BearChain, but it’s essentially part of the TIA ecosystem and started late, putting it at a disadvantage. Morph lacks competitiveness among L2s. Story Protocol has long-term IP potential, but tangible results won’t appear soon.
EnHeng Ehngheng: I’m more optimistic about Morph, mainly because it aggregates on-chain yields and offers easier usability. Notably, frequent theft incidents have occurred on Morph—users should proceed with caution.
Highlights from Brother Sun’s Tea Gathering and Industry Outlook
DaDa: 1. Despite mediocre market conditions, there's clear confidence within the industry and active pursuit of breakthroughs. 2. The AI sector, especially AI+Web3 integration, received significant attention. 3. Web3 isn’t just about trading tokens or simple digital assets—it represents a cultural and collaborative transformation. I hope HTX DAO achieves breakthroughs and builds a stronger $HTX ecosystem. 4. Meme communities are gaining increasing influence.
AN: Ran: Meme culture has vast growth potential and will evolve over time to create better IPs and narratives. AI will develop rapidly, and the crypto market accelerates AI’s bubble formation, raising awareness and driving progress. Regarding HTX DAO, if it can pump prices and strengthen its ecosystem, it will attract more participants.
Web3 of Chuhaoji: I suggest Brother Sun pump $HTX, maintain USDD’s safety and high yield, and the future looks promising.
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